The Industry Responds to FDIC Small Dollar Lending Rule Request

Smaller dollar loans can be very profitable and are often provided by payday lenders; there are also some fintech companies that are working to make these loans both affordable for the consumer and profitable; back in November the FDIC issued a request for information on small dollar lending; they received 60 responses from banks, associations, non-profit groups, fintech companies and individuals who provided varying perspectives; we share some of the responses from various groups and the challenges in determining whether these loans are a net positive or negative on consumers. Source

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